Franklin Templeton, the investment manager and administrator of Fondul Proprietatea, has selected ING Bank to be the custodian and depositary of the Fondul Proprietatea, following a selection process that took place this June. The contract becomes valid in August, after the current one with Bancpost expires. Six banks took part in the selection process.
Fondul Proprietatea was established in 2005 to compensate Romanian citizens whose properties were confiscated by the former communist regime. In July 2009, Franklin Templeton won the bid to become the investment manager and sole administrator of the fund.